The $9.5 billion New Mexico Educational Retirement Board (NMERB) now has the ability to form partnerships and invest directly in infrastructure after a recently approved change to its investment policy.

Most people if given the chance to compare Chicago and Spain might find it easier to think of the differences than the similarities — harsh, cold winters compared with a mild Mediterranean climate; the Cubs at Wrigley Field versus running with the bulls in Pamplona; deep-dish pizza and paella — but one thing the two share in common is leadership in private infrastructure investment.

As governments in Europe and the United States try to rein in public spending, there is a significant amount of regulatory change afoot, particularly with regard to subsidy levels in Europe for renewable energy, that poses challenges to infrastructure investors.